Tax, Tip, Markup, Discount

Front

What does a discounted price mean?

Back

The price has decreased.

Front

Sales tax is __________ by/to the price.

Back

added.

Front

If your restaurant bill is $42.80, and you add a 7% tax and an 18% tip, what is the total amount you will pay?

Back

$53.50.

Front

How much tax would you pay on a new TV that costs $899 with a tax rate of 6.5%?

Back

$58.44.

Front

What is the formula to calculate sales tax?

Back

Sales Tax = Price × Tax Rate.

Front

What is a tip?

Back

A tip is a small amount of money given to service workers for their service.

Front

How do you calculate a tip?

Back

Tip = Bill Amount × Tip Percentage.

Front

What is markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit.

Front

How do you calculate markup?

Back

Markup = Cost Price × Markup Percentage.

Front

What is a discount?

Back

A discount is a reduction in the price of a product or service.